Financial Statements

for the Year Ended 31 December 2024

for

CLP London Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

GM Godik

G S Y Sanzey

REGISTERED OFFICE:

8-10 South Street

Epsom

Surrey

KT18 7PF

REGISTERED NUMBER:

14267781 (England and Wales)

AUDITORS:

Williams & Co Epsom LLP

Statutory Auditors

8-10 South Street

Epsom

Surrey

KT18 7PF

FIXED ASSETS

Intangible assets

4

517,439

513,563

Tangible assets

5

13,324,536

5,113,633

13,841,975

5,627,196

CURRENT ASSETS

Stocks

125,213

-

Debtors: amounts falling due within one year

6

1,293,018

747,173

Debtors: amounts falling due after more than one year

6

390,000

390,000

Cash at bank and in hand

6,188

432,640

1,814,419

1,569,813

CREDITORS

Amounts falling due within one year

7

1,692,519

483,755

NET CURRENT ASSETS

121,900

1,086,058

TOTAL ASSETS LESS CURRENT LIABILITIES

13,963,875

6,713,254

CREDITORS

Amounts falling due after more than one year

8

6,571,876

-

NET ASSETS

7,391,999

6,713,254

CAPITAL AND RESERVES

Called up share capital

10

100

100

Other reserves

8,926,602

6,852,227

Retained earnings

(1,534,703

)

(139,073

)

SHAREHOLDERS' FUNDS

7,391,999

6,713,254

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 June 2025 and were signed on its behalf by:

G S Y Sanzey - Director

1.	STATUTORY INFORMATION

CLP London Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

over the term of the lease

Plant and machinery etc

-

at varying rates on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern

The company has made a loss in its second trading period to the 31st December 2024 and also has retained P&L losses at that date. These losses have been funded by its parent company who have capitalised the funds invested as a shareholder capital contribution reserve.

The parent company remains committed to giving the financial support required to allow the company to trade for 12 months from the date of approval of the financial statements.

As a result, the accounts have been drawn up on a going concern basis which will continue to support it as required.

Tangible & intangible fixed assets

The company has not provided any depreciation or amortisation charges in these accounts on the costs incurred on the building works and licence fees for the new premises were not completed by year end. The charges commence in the year to December 2024 when the restaurant opened for business.

Right of use of assets

The company has chosen to adopt the practice set out in IFRS 16 within these accounts so as to recognise the use of the property lease together with the corresponding lease commitments for these rental payments in the future. The values included in the accounts are based on net present value calculations which are then adjusted by discount factors set by the directors.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 68 ).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

513,563

Additions

31,310

At 31 December 2024

544,873

AMORTISATION

Charge for year

27,434

At 31 December 2024

27,434

NET BOOK VALUE

At 31 December 2024

517,439

At 31 December 2023

513,563

The company has incurred costs in branding and trade marks during the period. These will be written off over their useful lives from 2024 onwards after the restaurant opened.

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

174,271

4,939,362

5,113,633

Additions

7,015,562

2,547,103

9,562,665

Disposals

-

(523,096

)

(523,096

)

At 31 December 2024

7,189,833

6,963,369

14,153,202

DEPRECIATION

Charge for year

375,716

452,950

828,666

At 31 December 2024

375,716

452,950

828,666

NET BOOK VALUE

At 31 December 2024

6,814,117

6,510,419

13,324,536

At 31 December 2023

174,271

4,939,362

5,113,633

During the year, the company completed its building works and started to trade. Depreciation has therefore been charged from 2024 onwards as the assets are brought into use.

The company has also early adopted IFRS16 accounting treatment on its property lease recorded within the short leasehold additions above and note 14 of these accounts.

Fixed assets, included in the above, which are held under finance leases are as follows:

Land and

buildings

£

COST

Additions

6,977,562

At 31 December 2024

6,977,562

DEPRECIATION

Charge for year

367,240

At 31 December 2024

367,240

NET BOOK VALUE

At 31 December 2024

6,610,322

The company has adopted IFRS 16 to account for the right of use of its property asset and the leasing commitments are reflected in note 14 to the accounts.

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

40,071

-

Other debtors

1,252,947

747,173

1,293,018

747,173

Amounts falling due after more than one year:

Other debtors

390,000

390,000

Aggregate amounts

1,683,018

1,137,173

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

59,062

-

Finance leases (see note 9)

209,228

-

Trade creditors

485,760

340,370

Amounts owed to group undertakings

342,328

107,409

Taxation and social security

252,120

27,445

Other creditors

344,021

8,531

1,692,519

483,755

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Finance leases (see note 9)

6,571,876

-

2024

2023

£

£

Amounts falling due in more than five years:

Repayable by instalments

Finance leases

5,589,834

-

9.	LEASING AGREEMENTS

Minimum lease payments under finance leases fall due as follows:

Finance leases

2024

2023

£

£

Gross obligations repayable:

Within one year

650,000

-

Between one and five years

2,600,000

-

In more than five years

8,450,001

-

11,700,001

-

Finance charges repayable:

Within one year

440,772

-

Between one and five years

1,617,958

-

In more than five years

2,860,167

-

4,918,897

-

Net obligations repayable:

Within one year

209,228

-

Between one and five years

982,042

-

In more than five years

5,589,834

-

6,781,104

-

During the year, the company recognised the use of the lease on its restaurant premises by calculating the net present value of the rents under this lease and also recognising the finance lease commitments of these rents as required bt IFRS 16.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary shares

1

100

100

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul M Smith BSc FCA (Senior Statutory Auditor)

for and on behalf of Williams & Co Epsom LLP

12.	POST BALANCE SHEET EVENTS

The restaurant opened for business in January 2024.

13.	ULTIMATE CONTROLLING PARTY

The controlling party is K1 Restaurant Holdings Limited.